India slips 4 spots to 56th in 2023 talent ranking
What's the story
India has dropped four spots to rank 56th in the 2023 World Talent Ranking, as per an International Institute for Management Development (IMD) report. The report highlights the need for India to enhance its talent competitiveness, despite acknowledging improvements in infrastructure and a tech-savvy talent pool. This decline from its 52nd position in 2022 raises concerns but also highlights areas for potential growth and improvement.
Details
IMD report exposes India's educational weakness
The IMD ranking evaluates various factors, including quality of life, statutory minimum wage, and primary and secondary education. India ranks 29th in future readiness but struggles with its weak educational system, ranking second to last (63rd) in quality. Unequal access to education and insufficient investment are cited as primary reasons for this low ranking.
What Next?
Expert urges increased investment in education
Professor Arturo Bries, Director of IMD World Competitiveness Center, stressed the importance of investing in education for a nation's long-term success. "Increasing investment in education is a straightforward solution that requires strong political commitment, as it is the most critical investment a country can make," he said.
Insights
Recommendations for boosting India's talent competitiveness
To retain talent and enhance its competitiveness, the IMD report recommends that India implement comprehensive policies addressing salary increases, quality of life improvements, safety measures, and environmental friendliness. IMD is set to release the Hinrich-IMD Sustainable Trade Index in October and the IMD World Digital Competitiveness Ranking in November, adding to its earlier releases of the IMD World Competitiveness Ranking and the IMD Smart City Index.
Insights
Global Rankings: Switzerland leads the way
In the IMD World Talent Ranking 2023, Switzerland holds the top position, followed closely by Luxembourg in second place, and Iceland, Belgium, and the Netherlands rounding out the top five. The United States is ranked 15th, while China holds the 41st position, and the UK ranks 35th. At the bottom of the list, Brazil ranks 63rd, and Mongolia occupies the 64th spot.